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Tata Consultancy Providers, Wockhardt lead UK’s huge Indian funding wins

Tejas Networks bags multi-year contract from Asia Consultancy Group

Indian technology major Tata Consultancy Services (TCS) and pharmaceutical and biotech major Wockhardt are among the major investment gains celebrated in the UK as International Trade Secretary Liz Truss concluded her five-day visit to India this week.

The Ministry of International Trade (DIT) confirmed that the Cabinet Minister, who held talks with Trade and Industry Minister Piyush Goyal during her visit to Delhi between February 5 and 9, has agreed the terms and conditions of an Extended Trade Partnership (ETP) set stage for a potential free trade agreement (FTA) in the future.

Also, the Minister has made a large investment from TCS that will create 1,500 high-quality jobs in locations across the UK, and further investments from Wockhardt in the Wrexham, Wales site that will result in more than 40 new jobs and the expansion of jobs over a COVID -19 vaccination deal to ensure the UK has uninterrupted fill and end capacity for vaccines in 2022.

India is the largest democracy in the world and a nation that shares our belief in free enterprise. Deeper trade ties will create opportunities for UK businesses that just weren’t there as part of the European Union and set the stage for a much closer partnership with one of the economic powerhouses of the present and future, Truss said.

We will work much closer together in tomorrow’s industries such as science, technology and green growth so that we can better back down and get an export, investment and job-related recovery from coronavirus, she said.

According to official statistics, the UK-India trade relationship stood at £ 23 billion in 2019, supporting key industries such as technology and life sciences, and around half a million jobs in each other’s economies.

During her visit to India, Truss met the UK respiratory digital health company, Smart Respiratory Products, which helps doctors in India manage their patients remotely through a smartphone app and telemedicine platform. The company recently partnered with Indian company Care Ability Healthcare for £ 5 million to deliver its smart asthma airway solutions.

Life sciences were a priority sector for both countries. UK drug exports to India rose 21.4 percent to £ 96.75 million in 2019, according to the DIT.

In the life sciences and artificial intelligence (AI) field, AI start-up Behold, AI announced during the visit that it had been working with India’s Apollo Group to provide a diagnostic tool that can quickly analyze chest x-rays to aid in screening COVID-19 positive patients.

British company Micropore, which specializes in equipment and support services to enable pharmaceutical companies to improve the performance and economy of their formulated products, is setting up in Hyderabad to bring its membrane emulsification technology to the region and neighboring markets.

DIT said the proposed ETP, the parameters of which were agreed by ministers over the weekend, is an important part of the UK government’s plan to deepen ties with key economies of the present and future outside Europe, and increase trade and investment in Europe to create strategic industries such as science, technology and services. And India, as the world’s fastest growing economy, is an important part of that post-Brexit outlook.

During the global pandemic, India and the UK have supported each other by keeping key supply chains open, fighting protectionism, and collaborating on vaccine research, whether that be producing over a billion doses of our life-saving Oxford / AstraZeneca vaccine at the Indian Serum Institute or the Unlock exports of nearly 3 million paracetamol packets, the DIT said.

The UK and India are linked as major investors and markets for each other’s economies as the UK was the largest European market for India’s exports of goods in 2019-20.

(Only the headline and image of this report may have been updated by Business Standard staff. The rest of the content is automatically generated from a syndicated feed.)

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